Investment group PSG has issued its “restructuring” circular, and there’s no indication that shareholders will be in line for any additional sweeteners in the unbundling and buyout processes.

Independent expert BDO declared PSG’s restructuring offer to shareholders fair and reasonable, citing an indicative value range of between R97.16 and R109.11 a share. The “most likely” range was set at R102.95 a share...

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